Capital market regulator Securities and Exchange Board of India (SEBI) has barred an official of Indiabulls Securities from trading in stocks for five years over fraudulent dealings in Aurobindo Pharma shares.
SEBI has restrained Indiabulls Securities Vice-President (Eastern Region) Sidharth Daga from accessing the securities market for five years in violation of fraudulent trading norms.
During a SEBI probe in shares of Aurobindo Pharma, it was found that a Relationship Manager of Indiabulls Securities, Abhijit Sen, had apparently confessed in a criminal case.
Mr. Sen confessed that he had given the password of trading account of one Arunava Chakraborty to Mr. Daga after the latter threatened him with dire consequences.
Mr. Daga had then fraudulently placed orders from the trading account of Chakraborty in the shares of Aurobindo Pharma.